Multiple Choice
Marginal cost
A) measures how total cost changes when input prices change.
B) measures how total cost changes when one more unit of output is produced.
C) is less than average cost when average cost is decreasing.
D) both a and b
E) both b and c
Correct Answer:
Verified
Correct Answer:
Verified
Q53: Suppose that the firm's only variable input
Q54: <span class="ql-formula" data-value="\begin{array}{c}\begin{array}{c}\text {Units of}\\\text {Labor}\\\hline1 \\2
Q55: Given the table below,as the number
Q56: Based on the following table,the additional
Q57: Given the table below,diminishing returns begin
Q59: Given the table below,if capital is
Q60: <span class="ql-formula" data-value="\begin{array}{c}\begin{array}{c}\text {Units of}\\\text {Labor}\\\hline1 \\2
Q61: short-run production function assumes that<br>A)the level of
Q62: <span class="ql-formula" data-value="\begin{array}{c}\begin{array}{c}\text {Units of}\\\text {Labor}\\\hline1 \\2
Q63: The capital stock is fixed at